A leading manufacturer of plastic packaging solutions and paper products in the emirates, ENPI said the financing will be used in conjunction with ENPI’s recent acquisition of 100 per cent share of ENPI packaging division by Saudi Printing & Packaging Company – a publicly listed Saudi company (SPPC), the largest publicly traded printing & packaging company in the region.

The technology division of ENPI has spun-off and been carved-out in conjunction with the acquisition. The acquisition represents a new strategic impetus for ENPI group under the ownership of SPPC, a long term strategic investor in the printing / packaging industry.

ADIB acted as the mandated lead arranger, sole bookrunner, investment and security agent bank for the deal. The others who took part in the financing deal included Al Hilal Bank, Mashreq Al Islami (as mandated lead arrangers) and ADCB, Ajman Bank and FGB (lead arrangers).

Commenting on the deal, Arif Usmani, the ADIB global head of wholesale banking said: "We are pleased to further strengthen our relationship with ENPI and SPPC by providing this customized syndicated Islamic financing solution. It reaffirms our commitment to the growth and development of the UAE and our desire to further develop cross-border relationships with major GCC/ME conglomerates."

Lauding ADIB for its support, Nizar Rajoub, the founder and CEO of ENPI said, "ADIB shared our vision and strongly believed in the company’s growth potential. The bank played a critical role in helping ENPI build the foundations for the next phase of our growth."

"We have been dealing with ADIB since 2009 and we are looking forward to further cementing the relationship with them and thus the position of ENPI Group as a leading provider of paper and plastic packaging solutions," he added.

"This acquisition is part of our strategy to pursue inorganic growth opportunities and we are very excited to add ENPI to our portfolio of businesses and look forward to fully leverage the potential synergies and growth opportunities from this deal," he added.

Established at Jeddah in 1963, SPPC specializes in the production of daily newsprints, publications and journals, in addition to packaging and printing solutions.-TradeArabia News Service